Image: Spyker Cars
When GM spun off Saab in the dark days of 2009-10, it was exotic car builder Spyker that stepped up to the plate to buy the Swedish automaker. Spyker, backed by cash from Russian billionaire Vladimir Antonov, seemed capable of turning Saab from a struggling division of GM into a profitable boutique automaker, but that never happened. Saab’s current struggles with bankruptcy and reorganization are well documented, and now both Reuters and Left Lane News are reporting the potential sale of Spyker to a U.S. investment group, North Street Capital.
The sale won’t affect Saab in any way, since Saab and Spyker are both under the umbrella of Swedish Automobile, their parent company. The sale of Spyker will generate much needed cash, cash that can be used to help restructure Saab and pay down supplier debt.
This isn’t the first deal to spin off Spyker; CPP Global Holdings, owned by none other than Vladimir Antonov, was in talks with Swedish Automobile to buy Spyker for an estimated 15 million Euros. That deal collapsed, so it appears that North Street Capital will now step in to acquire Spyker for an undisclosed amount of cash. Look for confirmation from both parties in the coming days.
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Kurt Ernst has been passionate about automobiles and driving nearly his entire life. His early years were shaped working in the family service station, though his real passion was auto racing. After graduating from the University of Colorado, Kurt spent a year club racing with the Sports Car Club of America, before focusing on a business career in marketing and project management. Later, his passion for writing and the automotive hobby found him freelancing for a variety of automotive news sites, including Automotive Addicts and Motor Authority, where his work was syndicated and appeared in several national publications. Recognized as an expert in the automotive field, Kurt joined Hemmings Motor News as an Associate Editor in 2013, and in the years since has progressed to Editor, Hemmings Daily; Managing Editor for Hemmings Motor News, Hemmings Classic Car, Hemmings Muscle Machines, and the Hemmings Daily; and now, Managing Editor, Hemmings Auctions. Kurt was instrumental in organizing the Hemmings Motor News Concours d’Elegance from 2013-2019, and has served as a judge at this event and The Vintage Racing Stable Concours d’Elegance. A Skip Barber Racing School graduate and prolific writer, Ernst is also skilled in copyediting, project management, brand development, and public relations.
